"This paper uses the old-Keynesian representative agent model developed in Farmer (2010b) to answer two questions: 1) do increased government purchases crowd out private consumption? 2) do increased government purchases reduce unemployment? Farmer compared permanent tax financed expenditure...

The 17 seminal essays by Robert J. Gordon collected here, including three previously unpublished works, offer views on the principal topics of macroeconomics - namely, growth, inflation, and unemployment. The author re-examines their salient points in a creative, accessible introduction that...

Global crises are very rare events. After the Great Depression and the Great Stagflation, new macroeconomic paradigms associated with a new policy regime emerged. This book addresses how some macroeconomic ideas have failed, and examines which theories researchers should preserve and develop. It...